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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Saturday, May 12, 2012

Matt Taibbi of RollingStone has looked at the process of creating the rules and regulations that will accomplish the reform of the financial system, reform made necessary by the financial meltdown of 2008. He describes the attempts to defeat meaningful reform under five steps.

The steps that Matt described are listed below and followed with one observation by us:

"Step 2: Sue, Sue, Sue"
When regulators seemed poised to pursue and prosecute the fraudulent activities of the banks, they were sometimes sued for such things as "cost-benefit analysis" before implementing the new rules.

"Step 3: If You Can't Win, Stall"
The rules for regulating the financial system are often delayed; for example, the CFTC was supposed to implement rules on position limits by January17, 2011. A new date was set for September 2011, but in 2012, the CFTC was in court facing a lawsuit designed to kill the bill. (Gary Gensler is a former Goldman Sachs guy.)

"Step 4: Bully the Regulators"
Through control of funding from Congress, the regulators have to work with threats to their budget where cuts would make their work more difficult to carry out.

"Step 5: Pass a Gazillion Loopholes"
Republicans have passed numerous individual laws that are designed to undercut the regulations of the CFTC and the SEC. It is as though the lobbyists are making the new rules to suit their own specifications.

The pursuit of a completely unregulated market system continues to evolve with the complicity of the White House and the Congress to the detriment of the community of citizens.

How Wall Street Killed Financial ReformIt's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it--with a big assist from Congress and the White House
By Matt Taibbi - RollingStone. . . .

STEP 3: IF YOU CAN'T WIN, STALL

You might think otherwise, but it doesn't naturally follow that
because a law has been passed by Congress and signed by the president,
said law actually has to be implemented. With Dodd-Frank, the SEC took a
brilliant approach to submarining one of its own regulations. The
agency was supposed to begin enforcing the new proxy access rule by late
2010. Instead, in October 2010, it granted speculators a last-minute
stay – essentially giving the Chamber of Commerce time to prepare its
lawsuit to permanently kill the rule.

Position limits are another example. Dodd-Frank ordered the CFTC to
begin enforcing the new rule no later than January 17th, 2011. But
January 17th came and went, and – no position limits! Gary Gensler, the
head of the CFTC and a former executive of Goldman Sachs, then announced
that he hoped to implement the rule by September 2011. But September
came and went, and soon it was 2012, and before you knew it, the CFTC,
like the SEC, was in court, facing a lawsuit that would permanently kill
the rule.

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The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

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It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

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